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PBR » Topics » 3.3 Investments in subsidiaries

This excerpt taken from the PBR 6-K filed Mar 4, 2008.

3.3 Investments in subsidiaries

Investments in subsidiaries, wholly-owned and jointly-owned subsidiaries and affiliated companies (Note 12), in proportion to the carrying amount of the shareholders’ equity, were valued using the equity method; currency losses or gains resulting from overseas corporate investments are presented, in addition to the income from interests in significant investments.

"3.3 Investments in subsidiaries" elsewhere:

CPFL Energy INC (CPL)
Gerdau S.A. (GGB)
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